FASB releases 2020 GAAP, SEC, XBRL taxonomies

The Financial Accounting Foundation announced the availability of the 2020 GAAP Financial Reporting Taxonomy, the 2020 SEC Reporting Taxonomy, and the new 2020 XBRL US DQC Rules Taxonomy, all pending final acceptance by the U.S. Securities and Exchange Commission.

The 2020 Taxonomy includes updates for the accounting standards and other recommended improvements. The 2020 SRT contains improvements to the dimensional elements for which underlying recognition and measurement are not specified by the GAAP but are elements commonly used by GAAP filers.

The DQCRT, created to improve exposure to and compliance with the XBRL US DQC Rules, is a FASB taxonomy that includes in a derivative format DQCRs that are published by the XBRL US as validation checks for XBRL filings with the SEC. While initial implementation is limited to three DQCRs, over time, additional DQCRs are expected to be included.

All three 2020 taxonomies are expected to be accepted by the SEC as final in early 2020.

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Firms, state CPA societies and national accounting organizations are addressing the wave of international outrage and demonstrations sparked by the killing last week of George Floyd, an unarmed African American, by four Minneapolis police officers.